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Reliance Industries net profit dips by 7 pc to Rs 2273 crore in Q1FY22 Reliance Industries Limited

Reliance Industries net profit dips by 7 pc to Rs 2273 crore in Q1FY22

India Blooms News Service | @indiablooms | 23 Jul 2021, 10:18 pm

Mumbai/IBNS: Oil -to-telecom conglomerate Reliance Industries reported a net profit of Rs 12,283 crore for quarter ended June 30, 2021, registering a decline of 7.25 per cent from the same quarter last year owing to increased expenses.

RIL's total expenses in the June  quarter jumped 50 per cent while its revenue in the quarter advanced 58 per cent to Rs 1.44 lakh crore compared to Rs 91,238 crore a year ago.

Earnings before interest, tax, depreciation and amortization (EBITDA) also known as the operating profit surged by 27.6 per cent to Rs 27,550 crore.

Reliance Industries earnings in the retail segment were affected by the second wave of Covid-19 pandemic, Reliance Industries said in a stock exchange filing.

"The outbreak of corona virus (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The Group's operations and revenue were impacted due to COVID-19. During the current quarter, there is no significant impact other than in Retail segment," Reliance Industries said.

Reliance Retail's net profit surged more than twice to Rs 962 crore while its EBITDA was recorded at Rs 1,941 crore, up 80 per cent.

In the Q1FY22, Reliance Retail set up 123 new stores after which the total number of operational stores increased to 12,803 stores, Reliance Industries said.

Reliance Jio's net profit jumped by 45 per cent annually to Rs annually to Rs 3,651 crore. The telecom wing's revenue came in at Rs 18,952 crore, marking an increase of 10 per cent.

Jio's average revenue per user (ARPU), an important parameter to ascertain the performance of a telecom company, marginally increased to Rs 138.4 per user per month from Rs 138.2 in the previous quarter.

Reliance Jio's total customer base grew to 440.6 million, up 42.3 million customers annually.

"I am happy that our Company has delivered robust growth despite facing a highly challenging operating environment caused by the second wave of the COVID pandemic. The results of the First Quarter of FY2022 clearly demonstrate the resilience of Reliance's diversified portfolio of businesses that cater to large parts of the consumption basket," Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited said in a statement.

"COVID-related restrictions on store operations during the quarter impacted our Retail business operations and profitability. This is a temporary phenomenon. We remained focused on ensuring supplies of necessities, including food, grocery, health & hygiene products through a combination of online-offline channels. We stepped up our efforts in creating partnerships with small merchants and digital engagement with consumers. This is creating a newer and inclusive model of growth. I am confident that the retail business is poised to create exponential value and growth," Ambani added.